Taxes are what you pay to the federal, state and local governments where you live. Different types of taxes include income taxes, capital gains tax, sales tax, estate tax and real estate taxes such as property tax. Learn how to bequest property and do transactions in a way that will help you pay less taxes and follow the law.
How Do Tax Sale Properties Work
How can someone buy properties through tax sales? If a homeowner has failed to pay real estate taxes that may be due on his or her property, the local jurisdiction that collects the taxes has the right to sell off the property for the amount of unpaid taxes. Generally, there is a time period by which the homeowner can come up with the money to pay the tax bill even after the property has been "sold" for unpaid taxes.
Taxes On Inherited Home Sale
If you inherit a home, you would pay tax on the difference between the value of the home at the time the owner died and the sales price of the home when you sold it. You know the sales price for the home, but you may or may not know the value of the home at the time the owner died. Generally, if the property is sold within a year of the time of death, that sales price is a good indication of the value of the home.
When Deed In Lieu of Foreclosure Is Good Option
If you know for sure you have to give up your home but you don't want to go through a lengthy foreclosure process, sign a deed in lieu of foreclosure. A deed in lieu of foreclosure transfers ownership of your house to the bank and allows you to move on without a foreclosure on your credit history. Learn who may be the best candidate for a deed in lieu of foreclosure and how it's usually used for investment properties.
IRS Wants To Ensure Armed Forces Get Stimulus Payment
If you're serving in the military and receive non-taxable combat pay, you may want to report it on your tax form anyway, to ensure you will receive a ...
Don’t Forget These Tax Deductions
Here's a list of deductions that people may overlook when filing their taxes: Out-of-pocket expenses relating to charitable activities, including the...
How to Pick the Right Tax Preparer
More than half of the 120 million U.S. taxpayers hired a tax preparer last year, according to the Chicago Better Business Bureau. And not all of them ...
Become Landlord Or Sell Home After Quit Claim Deed?
When you get a home via a quit claim deed and then have to move out of state for work you're faced with a decision. Should you sell the home you received through a quit claim deed or should you try to keep it as a rental property? The decision to be come a landlord or to sell a home depends on whether you have enough money to maintain the home or feel that you can find a good tenant. You should also take tax considerations into account.
Ilyce Glink on WSB Radio – February 24, 2008
This week on the Ilyce Glink show, Ilyce talked about the $270 million a Georgia couple won in the lottery. She offered a few pieces of advice, mostly centered around hiring the right kinds of help to manage a fortune like that. She took calls on debt, credit, tax, mortgages, and a sad call from Alan on a very short sale (he'll lose $400,000 if he sells today -- if he CAN sell). Click to listen to the show, or download the podcast from iTunes. Don't forget to check out Ilyce's website, www.thinkglink.com, and her forum at www.thinkglink.com/forum. And don't forget to stop by her new all-video site, www.expertrealestatetips.net.
IRS Announces 1031 Exchange Safe Harbor For Personal Use
If you own rental property and want to sell it to buy other property, you may want to consider a 1031 exchange. It allows you to not pay taxes because...
Estate Planning Includes Assets Transfer and Medicare
As parents age they may want to transfer the title of a property to their offspring. How does a property transfer affect Medicare benefits? There may be a better way to achieve the goals aside from a property transfer.